A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 102.5 Cancelled lay - by sales
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 102.5
Cancelled lay - by sales(1) If a supply by way of lay - by sale is cancelled:
(a) any amount already paid by the * recipient that the supplier retains because of the cancellation; and
(b) any amount the supplier recovers from the recipient because of the cancellation;
is treated as * consideration for a supply made by the supplier and as consideration for an acquisition made by the recipient.
(2) This section has effect despite section 9 - 15 (which
is about what is consideration).